Consumer Financial Protection Bureau is an independent bureau providing consumers with financial markets information. The bureau aims to implement and enforce consumer financial laws, review business practices, monitor the financial marketplace, and establish consumer website and hotline to address the complaints and questions. Consumer Financial Protection Bureau was formed in 2010 and is headquartered in Washington, District of Columbia.
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Wells Fargo Bank, N.A. Reaches Agreements with Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney for Opening Unauthorized Accounts
Sep 9 16
Wells Fargo Bank, N.A. announced that it reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations that some of its retail customers received products and services they did not request. The amount of the settlements, which Wells Fargo had fully accrued for at June 30, 2016, totaled $185 million, plus $5 million in customer remediation. The company's commitment to addressing the concerns covered by these agreements has included: An extensive review by a third party consulting firm going back into 2011, which the company completed prior to these settlements. The review included consumer and small business retail banking deposit accounts and unsecured credit cards opened during the period reviewed. As a result of this review, $2.6 million has been refunded to customers for any fees associated with products customers received that they may not have requested. Accounts refunded represented a fraction of one percentage of the accounts reviewed, and refunds averaged $25. Disciplinary actions, including terminations of managers and team members who acted counter to values. Investments in enhanced team-member training and monitoring and controls. The company commits to send customers a confirming email within one hour of opening any deposit account, and send an application acknowledgement and decision status letter after submitting an application for a credit card.
Wells Fargo to Pay $185 Million in Fines for Improper Account Openings
Sep 8 16
Regulators are fining Wells Fargo $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. The bank will pay $100 million to the Consumer Financial Protection Bureau; $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. It will also pay restitution to affected customers. The CFPB announced Wells Fargo sales staff opened more than 2 million bank and credit card accounts that may have not been authorized by customers.
Wells Fargo & Company Faces $3.6 Million Penalty over Student Loan Service Practices
Aug 22 16
Wells Fargo & Company (WFC) was hit with a $3.6 million civil penalty it must pay to the Consumer Financial Protection Bureau for illegal private student loan servicing practices that increased costs and unfairly penalized certain student loan borrowers. The bank must also provide $410,000 in relief to borrowers and the bureau is requiring that Wells Fargo improve its consumer billing and student loan payment processing practices.